## Policy Newsletter

Not all boats rise with the AI IPO tide  
Plus, the SEC goes digital, and the Senate loses a giant.

SEC 2026 agenda signals regulatory relief for private fund advisers, continued focus on capital formation  
Plus, SCOTUS strips agency independence.

Continuation vehicles in the crosshairs  
Plus, Washington starts drawing AI’s new perimeter.

Carta discusses future of American capital, while policymakers debate future of regulation for prediction markets, crypto, and frontier AI  
Plus, Peirce’s parting wisdom on the future of SEC regulation, and Carta Policy participates in U.S. Chamber’s Capital Markets Summit: The Future of American Capital.

SEC issues relief to expand retail exposure to private capital; examines IPO frictions  
SEC issues relief to open-end funds, expanding private market access. Meanwhile, frontier AI labs partner with PE firms, forming rival joint ventures that accelerate enterprise adoption of its tools.

SEC increasing scrutiny on private credit—valuation is the key  
SEC escalates private credit scrutiny, Carta pursues 401(k) equity reform, AI preemption stalls, and data privacy bill advances—plus prediction market insider trading enforcement.